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What were the key takeaways from Birkenstock Holding’s earnings call?

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- **Revenue Beat Guidance**: Q1 18% constant-currency growth vs. 13-15% annual target, driven by B2B (24% growth) and APAC (37% expansion). 
- **Margin Resilience**: 90%+ full-price sell-through, 30%+ EBITDA margin target despite 350bps FX headwind. 
- **Growth Drivers**: APAC revenue doubling by 2028, 40 new stores FY26, EUR 200M share buyback. 
- **Risks**: Tariffs adding 100-150bps margin pressure, Q2 700bps FX headwind. 


**【CEO Summary Section】**
- **Revenue Growth and Market Expansion**: Q1 2026 revenue of EUR 402 million, up 18% in constant currency, driven by strong B2B demand (24% growth) and APAC expansion (37% growth). 
- **Geographic Focus**: Americas penetration at ~5%, EMEA high margins, APAC targeting double the 2025 revenue by 2028. 
- **Product Momentum**: Closed-toe styles (60% Q1 revenue) led by Boston clog (50th anniversary), with 90%+ full-price sell-through across channels. 
- **DTC Strategy**: 106 stores (9 new Q1), e-commerce 80% of DTC, membership program up 20% YoY. 

**【CFO Financial Commentary】**
- **Q1 Financials**: Adjusted EBITDA EUR 106 million (+4% YoY), margin 26.5% (30.1% ex FX/tariffs). 
- **Challenges**: 670bps FX headwind in Q1, 700bps expected in Q2, 350bps full-year FX impact. 
- **Guidance**: 13-15% FY26 constant-currency growth, 57-57.5% gross margin, EUR 700M+ EBITDA. 
- **Cash Flow**: EUR 229M cash, 40 new stores planned FY26, EUR 200M share buyback. 

**【Q&A Key Highlights】**
- **Demand Resilience**: 90%+ full-price sell-through, 20-30% unfulfilled B2B demand, 50%+ own retail growth Q1. 
- **FX and Tariffs**: 350bps FY26 FX headwind, 200bps margin impact from tariffs. 
- **Store Metrics**: CapEx EUR 400-800K/store, 12-18mo payback period, same-store sales growth high single-digits. 
- **Share Repurchase**: Stock undervalued, buyback subject to market conditions. 


Birkenstock Holding plc (BIRK) Q1 2026 Earnings Call Transcript

- **Record 2025 Performance**: EUR 2.1 billion revenue (+18% Cx), 31.8% EBITDA margin. Closed-toe styles drive 5% ASP growth, APAC doubles as share of revenue.
- **2026 Growth Constraints**: 13-15% Cx growth target due to production capacity, 200bps margin headwinds from FX/tariffs.
- **Strategic Investments**: 40 new stores, EUR 110-130M capex for production, EUR 200M share buybacks. Cork/latex expansion in Germany/Portugal.
- **Key Trends**: B2B outpaces D2C, Gen Z driving wholesale growth, closed-toe share of revenue doubles to 38%.

**【CEO Summary Section】**
- Fiscal 2025 revenue reached EUR 2.1 billion, up 18% in constant currency, exceeding the 15-17% guidance range. Adjusted EBITDA margin improved to 31.8%, up 100 basis points year-over-year. 
- Closed-toe products drove ASP growth (+5%), with 38% of revenue from closed-toe styles (vs. 33% prior year). APAC segment grew 34% in constant currency, now 11% of total revenue.
- 2026 guidance: 13-15% constant currency revenue growth, constrained by production capacity and U.S. tariffs. Unit growth target of ~10% per year.
- 40 new retail stores planned for 2026, targeting 150 stores by 2027. Cork/latex footbed production expansion in Germany and Portugal.

**【CFO Financial Commentary】**
- Q4 2025 revenue: EUR 526 million (+20% constant currency). Full year gross margin 59.1%, up 30bps. Adjusted EBITDA margin 31.8%, up 100bps.
- 2026 FX headwinds: ~300-350bps revenue drag, 100bps margin impact. Tariffs add another 100bps margin pressure. Excluding FX/tariffs, EBITDA margin target 32-32.5%.
- 2026 capex EUR 110-130 million for production capacity. Share buybacks of EUR 200 million planned, subject to market conditions.
- 2026 EPS guidance: EUR 1.90-2.05, including EUR 0.15-0.20 FX impact.

**【Q&A Highlights】**
- **Demand & Capacity**: Holiday Q1 2026 B2B growth >30% in U.S., full price realization >90%. Clog production requires 2x sandal minutes, limiting capacity. 2026 unit growth constrained to mid-teens due to production bottlenecks.
- **Channel Mix**: B2B growth (21% FY25) outpaces D2C (12%), driven by Gen Z in-person shopping. 62% of revenue from B2B (vs. 60% prior year).
- **Margin Management**: 90% of FX impact flows through gross profit. Tariffs require surgical price increases, not brand-dilutive across-the-board hikes.
- **APAC Strategy**: Highest ASP region, doubling growth rate of other segments. Expanding distribution while maintaining scarcity.
- **Investor Day**: Capital Markets Day in January to detail 3-year growth plan, including production capacity, innovation, and APAC expansion.

Birkenstock Holding plc (BIRK) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: 16% YoY in constant currency, with B2B outpacing DTC due to in-person shopping trends.
- **Profit Margins**: Gross margin at 60.5%, EBITDA margin at 34.4%, both records for Q3, despite FX headwinds.
- **Closed-Toe Momentum**: 400 basis points of revenue growth from closed-toe styles, driven by youth and expansionary categories.
- **Factory Expansion**: Production capacity investments to meet demand, with Pasewalk facility nearing full utilization.
- **Tariff Mitigation**: Price increases and supply chain efficiency offset €150-200 million tariff impact, with no consumer pushback.
- **Q4 Outlook**: Accelerated DTC growth in Q4, but FX to drag reported revenue by 400 basis points and margins by 100 basis points.

**【CEO Summary Section】**
- **Revenue Growth**: 16% year-over-year in constant currency, driven by double-digit growth in all segments and channels.
- **Profitability Improvements**: Gross margin increased by 100 basis points to 60.5%, while EBITDA margin rose 140 basis points to 34.4%, the highest in Q3 history.
- **B2B Dominance**: 90% of B2B growth came from existing partners, with retail revenue at top 10 wholesale partners up 25% in the U.S. and 20% in EMEA.
- **Store Expansion**: 13 new stores opened, with plans to reach 100 stores by year-end, capturing in-person shopping demand.
- **Product Momentum**: Closed-toe styles contributed 400 basis points to revenue growth, with strong performance across all demographics.

**【CFO Financial Commentary】**
- **Revenue and Margins**: Reported revenue growth of 12% (16% in constant currency), with FX causing a 330 basis point drag. Gross margin was 60.5% (60.5% vs. 59.5% YoY), and EBITDA margin was 34.4% (34.4% vs. 33.0% YoY).
- **Cost Efficiency**: Selling expenses declined 80 basis points due to higher B2B share, while IT costs increased 40 basis points.
- **Cash Flow and Leverage**: Operating cash flow of €261 million, ending with €262 million in cash after €176 million share buybacks. Net leverage at 1.7x, targeting 1.5x by year-end.
- **Tariff Management**: Offset €150-200 million impact through price increases, vendor negotiations, and production efficiency.

**【Q&A Highlights】**
- **Demand Trends**: Back-to-school sell-through exceeded Q3 levels, with no pushback on July price increases. Closed-toe styles outperformed open-toe, with non-Boston silhouettes growing alongside Boston.
- **B2B vs DTC**: B2B growth outpaced DTC in Q3 and expected for FY25, driven by in-person shopping trends. DTC acceleration in Q4 will come from store openings and digital expansion.
- **Factory Expansion**: Pasewalk facility nearing full absorption, with plans to double production capacity over five years.
- **FX Impact**: Q4 reported revenue growth expected to lag constant currency by 400 basis points, with margins down 100 basis points.


Birkenstock Holding plc (BIRK) Q3 2025 Earnings Call Transcript

- **Revenue Superformance**: €574M Q2 revenue (+19% YoY) driven by double-digit volume and ASP growth across all regions.
- **Closed-Toe Dominance**: Closed-toe shoes grew 2x overall rate, with 400bps share gain. China revenue more than doubled YoY.
- **Gross Margin Boost**: 57.7% gross margin (up 140bps YoY), with 75bps improvement guided for FY25.
- **Tariff Resilience**: 90%+ full price realization; €0.05/EUR exchange rate impact modeled at €37M revenue and €26M EBITDA.
- **Expansion Ambition**: 100 owned stores by FY25 end, 150 by FY27. APAC targeting 30%+ growth with closed-toe focus.

**【CEO Summary Section】**
- Q2 2025 revenue reached €574 million, up 19% YoY (18% in constant currency), exceeding the high end of the 15-17% annual guidance.
- **Market Performance**: 
  - Americas: 23% reported growth (20% constant currency), driven by B2B and DTC expansion.
  - EMEA: 12% growth, with DTC outpacing B2B by 1.5x.
  - APAC: 30% growth, led by DTC and B2B partnerships.
- **Product Highlights**: Closed-toe shoes grew twice the rate of overall group, contributing 400bps to share of business. China revenue more than doubled YoY.
- **Expansion Plans**: 100 owned stores by end of FY25 (currently 77), targeting 150 by FY27. APAC focus on closed-toe and premium leather executions.

**【CFO Financial Commentary】**
- **Gross Margin**: 57.7% (up 140bps YoY), driven by Pasewalk factory absorption (50bps) and price adjustments.
- **Adjusted EBITDA**: €200 million (23% YoY), margin 34.8% (up 110bps YoY). Guidance raised to 31.3-31.8% margin, targeting €660-670 million EBITDA.
- **Cash Flow**: €235 million cash on hand, €21 million Q2 CapEx for production and retail.
- **Tariff Mitigation**: 90%+ full price realization, €0.05/EUR exchange rate impact of €37M revenue and €26M EBITDA.

**【Q&A Key Takeaways】**
- **Tariff Strategy**: Full offset via global pricing (low single-digit increase) and supply chain efficiencies. No demand pull-forward observed.
- **Gross Margin Outlook**: 75bps improvement in FY25, 75bps in FY26 from Pasewalk absorption.
- **Membership Growth**: 10 million+ loyal members (25% YoY), 20% higher AOV for members.
- **APAC Expansion**: 30% growth, focusing on closed-toe and premium products. China entry in Greater China to accelerate.
- **Inventory Management**: 36% inventory-to-sales ratio (down from 40%), DSO 46 days (stable YoY).

Birkenstock Holding plc (BIRK) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: Q1 €362M (+19% YoY), APAC +47%, closed-toe share +600bps
- **Profit Growth**: EBITDA +25% YoY, net profit +99% YoY
- **DTC Loyalty**: 8.8M members (30% YoY), 50% DTC sales from members
- **Guidance Reaffirm**: 15-17% FY25 growth, EBITDA margin +50bps
- **Risks**: Macro uncertainty, inflation, tariff exposure

**【CEO Opening Remarks】**
- Q1 2025 revenue reached €362 million, up 19% YoY, exceeding the high end of the 15-17% annual guidance. Closed-toe products drove 600bps share growth, accounting for over 50% of revenue. APAC grew 47%, 2.5x the group rate, with China contributing 30% of regional sales. DTC membership hit 8.8 million (+30% YoY), with 50% of DTC sales from loyal members.

**【CFO Financial Highlights】**
- Gross margin 60.3%, down 70bps YoY due to higher B2B mix. EBITDA €102 million (+25% YoY), margin 28.2% (+130bps YoY). Adjusted net profit €33 million (+99% YoY). Cash flow improved €34 million YoY to €12 million used. Inventory-to-sales ratio improved to 39%.

**【CFO Outlook】**
- Reaffirms 15-17% revenue growth. Gross margin to improve YoY as production utilization rises. EBITDA margin target 30.8-31.3%, up to +50bps YoY. CapEx €80 million, net leverage to 1.5x by year-end.

**【Q&A Key Takeaways】**
- **B2B Strength**: 30% B2B growth driven by 40% sell-through, 10% inventory growth. DTC to balance growth in H2. 
- **APAC Momentum**: 47% growth from accelerated store openings; China expansion continues with Chengdu store opening.
- **Gross Margin**: Q2 gross margin pressure from B2B mix, but full-year improvement expected from factory utilization.
- **Tariffs & Macro**: Monitor inflation (US 3%, Eurozone 2.5%) and potential tariffs, but no immediate pricing actions planned.
- **Product Mix**: Closed-toe ASPs 2x higher than sandals; boots sold at €200 price point with strong consumer adoption.

Birkenstock Holding plc (BIRK) Q1 2025 Earnings Call Transcript

Birkenstock Holding (BIRK)-18 Dec 24-2024 Q4 Earnings call transcript

Birkenstock Holding (BIRK)-29 Aug 24-2024 Q3 Earnings call transcript

Birkenstock Holding (BIRK)-30 May 24-2024 Q2 Earnings call transcript

Birkenstock Holding (BIRK)-29 Feb 24-2024 Q1 Earnings call transcript

- **Revenue Growth**: Fiscal 2023 up 20% to €1.49B, Q4 +22%, driven by 14% ASP increase and DTC expansion to 40%.
- **Profitability**: 62.1% gross margin, 32.4% EBITDA margin. 2024 guided for €1.74-1.76B revenue (+17-18%) and 30% EBITDA margin.
- **Factory Expansion**: €150M capex for capacity doubling, offsetting 240bps margin headwinds from inflation/ramp-up.
- **Regional Strength**: Americas DTC ASP 3x B2B, Europe B2B cleanup driving 15% growth, APMA DTC doubling via e-commerce.
- **250th Anniversary Momentum**: Purpose-driven demand resilient to macro, 90% buyers via unpaid channels.

**【CEO Summary Section】**
- **Record Fiscal 2023 Performance**: Revenue grew 20% to €1.49 billion, driven by 6% unit growth and 14% ASP increase. Q4 alone saw 22% growth.
- **ASP Growth Drivers**: 50% from premium product steering, 25% from DTC channel mix shift, and 25% from RSP increases.
- **Geographic Strength**: All regions (Americas +20%, Europe +18%, APMA +27%) and channels (B2B +16%, DTC +26%) delivered double-digit growth.
- **Margin Resilience**: Gross margin 62.1% (up 180bps vs 2022), adjusted EBITDA margin 32.4%.
- **250th Anniversary Momentum**: Brand loyalty and purpose-driven demand sustain growth despite macro challenges.

**【Regional Performance】**
- **Americas**: DTC penetration expanded to 40%, closed-toe shoes drove 3x higher ASP in DTC vs B2B. Q4 B2B grew 73% via 'land grabs' in running specialty shops.
- **Europe**: B2B cleanup reduced distributor count by 50%, DTC grew 24% with record summer sales. France/Scandinavia owned markets outperformed.
- **APMA**: DTC doubled via webshop expansion (China +60%, India +70%, Japan +50%). B2B grew 12% via mono-branded stores.

**【CFO Financial Commentary】**
- **Fiscal 2023 Results**: 
  - Revenue: €1.49B (+20%)
  - Gross Profit: 62.1% margin
  - Adjusted EBITDA: €483M (+11%)
  - Pro forma EPS: €1.10 (+19%)
- **2024 Guidance**: 
  - Revenue: €1.74-1.76B (+17-18%)
  - Adjusted EBITDA: €520-530M (30% margin)
  - CapEx: €150M for factory expansion
- **Margin Headwinds**: 120bps from Pasewalk factory ramp-up, 120bps from inflation

**【Q&A Highlights】**
- **Inventory Health**: 75% of finished goods allocated to customers, 70% timeless products. Q4 inventory/revenue ratio 30% vs 36% prior year.
- **Factory Progress**: Pasewalk expansion on track for 2024 benefits, Goerlitz/Portugal upgrades to double capacity.
- **ASP Sustainability**: 25% price increases in Europe with no demand impact. U.S. consumers buying higher ASP closed-toe shoes at 3x DTC rate.
- **APMA Growth**: China, India, Japan white space potential. Tiffany Wu appointment to accelerate Greater China expansion.
- **2024 Unit Growth**: 17-18% guided despite 22% Q4 growth, reflecting conservative approach to capacity constraints.

Actual	0.1374	0.0993	0.4424	0.5248	0.3229	0.1863	0.595	0.7304	0.5985	0.3169
Forecast	0.147	0.0956	0.3829	0.552	0.2879	0.163	0.5815	0.7034	0.4234	0.3082
Surprise	-6.53%	+3.87%	+15.54%	-4.93%	+12.16%	+14.29%	+2.32%	+3.84%	+41.36%	+2.82%

Actual	395.93M	334.35M	519.26M	604.92M	507.71M	374.46M	621.34M	748.07M	617.63M	471.64M
Forecast	375.72M	318.15M	502.96M	606.41M	488.65M	368.85M	613.79M	749.79M	613.14M	471.89M
Surprise	+5.38%	+5.09%	+3.24%	-0.25%	+3.90%	+1.52%	+1.23%	-0.23%	+0.73%	-0.05%

BIRK

BIRK fundamentals

BIRK Q1 2026 Earnings

Earnings Call

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BIRK

BIRK fundamentals

BIRK Q1 2026 Earnings

Earnings Call

BIRK Earnings Call Summary for Q1/20268:00 AM on Feb 12, 2026

BIRK Earnings Call Summary for Q4/20258:00 AM on Dec 18, 2025

BIRK Earnings Call Summary for Q3/20258:00 AM on Aug 14, 2025

BIRK Earnings Call Summary for Q2/20258:00 AM on May 15, 2025

BIRK Earnings Call Summary for Q1/20258:00 AM on Feb 20, 2025

You can ask Aime